According to the Complaint, Akebia Therapeutics, Inc. ("Akebia") is a biopharmaceutical company that focuses on the development and commercialization of proprietary therapeutics based on hypoxia inducible factor biology for patients with kidney disease. Akebia's lead product candidate is AKB-6548, an oral therapy which has completed a Phase 2b study for the treatment of anemia related to chronic kidney disease in non-dialysis patients, as well as tested in a Phase 2 study for the treatment of anemia in patients undergoing dialysis.

The Complaint alleges Defendants negligently issued untrue statements of material facts and omitted to state material facts required to be stated from the Registration Statement and incorporated Offering Materials that the Company filed with the SEC in support of the Company's March 20, 2014 initial Public Offering.

On April 29, 2016, the Court issued an Order allowing the Plaintiff's Motion to Remand. This case was remanded to the Suffolk County Superior Court of the Commonwealth of Massachusetts.